What's #Nifty telling about market direction?
1. See the green line? That's the trendline on daily chart. So Nifty managed to close above that line. What does it mean? Simple - Trend is still up.
2. Support at 24367 and resistance at 24602. If we crosd and close above the resistance level on 1 hour chart then we can see a good short covering. Short covering means, the people who have shorted the index will book their profit/loss/stoploss.
3. Note today's candle. You see that bounce-back candle? It kicked out many weak hands out of the market and created the space for next month. How nifty behaves this week will decide August's trend.
Anything you want to add further?
#trendx #trading #stockmarketsindia
1. See the green line? That's the trendline on daily chart. So Nifty managed to close above that line. What does it mean? Simple - Trend is still up.
2. Support at 24367 and resistance at 24602. If we crosd and close above the resistance level on 1 hour chart then we can see a good short covering. Short covering means, the people who have shorted the index will book their profit/loss/stoploss.
3. Note today's candle. You see that bounce-back candle? It kicked out many weak hands out of the market and created the space for next month. How nifty behaves this week will decide August's trend.
Anything you want to add further?
#trendx #trading #stockmarketsindia
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